Emanagers Indices
December performance of Opalesque's very own indices of
emerging managers' funds

Emanagers Total Index up 0.12% in December
(-1.83% in 2011), emerging managers
outperform fund universe again in 2011

Florian Guldner, Opalesque Research:

Opalesque Ltd., a leading provider of online information services to the alternative investment industry, reports the estimated December
and year-end results for its series of indices tracking emerging
hedge fund and managed futures fund managers. Index calculations
are based on currently 295 funds listed in Opalesque Solutions'
Emanagers database, the industry's only database dedicated
exclusively to fund management firms less than 48 months old and
with assets under management of less than $600 million at the
time of the firm's inception.

According to a first estimation, The Emanagers Total Index,
consisting of both hedge funds (65%) and managed futures funds
(35%), gained 0.12% in December, finishing the year 2011 down
1.83%. Over the last three years, the index rose almost 57% with
gains of 34.5% in 2009 and 18.7% in 2010.

While the Emanagers Hedge Fund Index lost 0.22% in December
(-2.50% in 2011), managed futures funds tracked by the Emanagers
CTA Index gained 1% (+0.23% in 2011).

Our data shows that emerging manager hedge funds and CTAs
outperformed the broad fund universe every year since 2009.

Over the last 12 months, Emanagers hedge funds were more volatile
than their peers tracked by the Eurekahedge Hedge Fund Index
and experienced a slightly higher correlation with the stock market,
resulting in a higher equity market beta of 48% compared to 28%.